Four Tips for a Successful Business Partnership

If you are going into business with another person, you need to be sure that you have put the right structure in place for your business partnership. Unfortunately, in far too many cases, partnerships fail due to poor planning.

At Pike & Lustig, LLP, we have extensive experience handling business law issues related to partnerships. We want to help you ensure that your business runs smoothly and efficiently. In this post, our experienced Miami partnership lawyers offer four important tips to help you create a successful partnership.

Be Sure That You Have Selected the Right Partner(s)

A partnership is only as strong as the underlying relationship between the members. If you have selected the wrong business partner or partners, there is very little that you will be able to do to create a successful business. Before you invest your time and money into a partnership, please be sure that you are working with people who share your vision and that you can trust.

Keep the Lines of Communication Open

Partnerships that start working well can eventually end up running off course. One of the primary reasons why this occurs is poor communication by the partners. To be successful, it is imperative that you have open, honest, and productive lines of communication with all of your fellow business partners. This will help ensure that everyone is on the same page and that any problems get addressed immediately.

You Need a Partnership Agreement

Goodwill and good intentions are not sufficient to create a successful business. No matter how much you trust your business partner, you need to get the structure of your working relationship down in writing. A carefully drafted partnership agreement is a must. You should work with a qualified business law attorney who can draft or review your agreement in a manner that both complies with Florida’s partnership laws and protects your financial interests.

Be Ready to Handle Disagreements and Dispute

As the years go by, it is almost inevitable that you and your business partner(s) will end up in some type of a disagreement or dispute. This is not necessarily a bad thing. In productive business relationship, disagreements can sometimes lead to an effective solution that no one person would have ever seen on their own. Of course, with disputes also come immense risk.

Sadly, far too often, disputes cause tremendous damage to Florida partnerships. You need to be proactive and take steps to ensure that this does not happen to you. A partnership should have the proper structure in place to facilitate the efficient resolution of any disputes. If you find yourself locked in a partnership dispute that seemingly cannot be resolved, it is time to speak to an experienced attorney.

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